[2019-04-12] Angolan oil production sees marginal growth in March

Source: Macauhub

Angola’s oil production saw a marginal increase last March of 7000 barrels per day (bpd) to 1.454 million bpd, according to secondary sources, the Organization of Petroleum Exporting Countries (OPEC) said.

The monthly oil market report for April said that the reality is different according to direct communication, with Angola producing 50,000 fewer bpd to 1.373 million bpd in March.

With this decline in production, which according to official records is due to a natural decline from the depletion of some wells and the lack of investment in the prospecting, surveying and exploration segments in the last ten years, Nigeria has moved ahead and consolidated its position as the main producer in Africa.

Nigerian production increased by 11,000 bpd in March to 1.733 million bpd and fell by 5.000 bpd to 1.685 million bpd according to direct communication, according to the monthly oil market report for April.

The report also said that Angola was one of China’s three largest oil suppliers, together with Saudi Arabia and Russia, with shares of 11.3%, 15.2% and 14.6% in February, respectively.

Exports from Angola and Russia to China fell by 210,000 bpd and 40,000 bpd, respectively, while Saudi Arabia’s exports increased by 160,000 bpd.

The Angolan government has recently announced that it will award 49 new oil concessions for the exploration, development, and production of hydrocarbons in the period between 2019 and 2025, with nine concessions this year, the same number in 2020, eight in 2021 and 12 and 11 concessions in 2023 and 2025, respectively.